India sharply increases Russian oil imports, tankers diverted from China
India has sharply increased Russian oil imports after the US allowed higher purchases, prompting several tankers originally bound for China to divert to Indian ports. Analysts say rising demand from multiple buyers could push global oil prices higher.
New Delhi: India has sharply increased its purchases of Russian oil, prompting several tankers that were originally headed to China to change course mid-journey and sail towards Indian ports instead.
One such vessel, the Aframax tanker Aqua Titan, is now expected to arrive at New Mangalore on March 21 carrying Urals crude, according to reports.
The ship had initially set its destination as Rizhao in China after loading oil from a Baltic Sea port in late January.
However, in a sudden shift in mid-March, it turned around in the South China Sea and began heading towards India, the report said.
This change comes shortly after the United States allowed India to temporarily boost its imports of Russian oil.
Following this move, Indian refiners quickly stepped up purchases, buying around 30 million barrels of Russian crude in just one week.
The surge in buying is aimed at managing supply concerns after disruptions in Middle Eastern oil supplies due to the ongoing conflict involving Iran.
The shift is not limited to a single tanker. Data from analytics firm Vortexa shows that at least seven ships carrying Russian oil have diverted their routes from China to India in recent weeks.
With all major Indian refiners actively seeking Russian crude again, India appears to be regaining its position as a key buyer for Moscow, as per the report.
Another tanker, the Suezmax Zouzou N., is also heading towards India’s Sikka port and is expected to arrive on March 25.
The vessel is carrying CPC Blend crude from Kazakhstan. It had earlier sailed from Novorossiysk in Russia’s Black Sea region and was initially bound for Rizhao before changing direction in early March.
Meanwhile, the easing of restrictions has also allowed other countries, including Japan and South Korea, to resume purchases of Russian oil.
Analysts said this renewed demand from multiple buyers could push global oil prices higher in the coming weeks.
